Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Seem to me that few sellers are genuinely "trapped" -- most just can't give up the dream of cashing out and getting hundreds of thousands of dollars in (now imaginary) "equity" in their houses when they sell.
But there's at least one NJ real estate agent who knows what he's talking about, kudos to him -- he's a credit to the profession.
"James Bednar, a real estate agent representing buyers at DRI Real Estate Company in Ridgewood, N.J., said many sellers overvalue their homes.
'The industry has nailed into people’s minds that their houses are worth a certain amount ... Sellers remember what neighbors sold their houses for two years ago and hold on to those unrealistic comparables. They need to accept the current reality of the market.'"
Anyone considering buying in NJ should read this article. It underscores why you have to be absolutely financially stable before you take on the debt and the risk of buying an asset that's sinking in value and one that you may not be able to sell for what you paid for years (if not decades) to come. Check out the guy who bought in 2005 and now suddenly 4 years later he wants to sell because he realizes his backyard isn't "kid friendly" and he's got one kid and another on the way. I wonder if he was also thinking he was in it for the "long term" back when he bought?
you give some viable advice when you say things like "you have to be absolutely financially stable before you take on the debt and the risk ", and "buyer beware", but it's plain to see you have an axe to grind.
there are 3 sides to every story : "your" side, "my" side, and the truth.
truth is, houses are still selling, and articles like that one aren't news -- they simply cater to the lowest common denominator these days, fear...
Well unless you are in dire straits people just need to bite the bullet and hold on
Another child....well a mere two decades ago it wasn't uncommon for siblings to share a bedroomImagine that!!
Divorce..well that one chick..how many bedrooms 6??? Unless ex hubbie was/is abusive bite the bullet and both remain in the house..it's big enough
Not kid friendly with the steep slope....fence in an area for the kiddies it can always be taken down later on
There are temporary solutions for each problem outlined in that article
The days of I want it all and I want it now are forever over
you give some viable advice when you say things like "you have to be absolutely financially stable before you take on the debt and the risk ", and "buyer beware", but it's plain to see you have an axe to grind.
Darn right I have an axe to grind; every person who buys a home they can't afford, or a home that will be underwater in a year, is another candidate that you, me, and every other responsible citizen will be asked to bail out with our money, our childrens' money, our grandchildrens' money ...
I'm not happy about the irresponsible behavior that has gotten us into this mess, but at least back then people could have the bad excuse of being clueless. Now the housing market is collapsing all around us, an nobody should be ignorant of the truth about what's going on ... the truth that apparently most real estate agents (and people trying to sell their houses to a bigger sucker) don't want people to know about.
Quote:
there are 3 sides to every story : "your" side, "my" side, and the truth.
It's not a story, it's a fact. The housing market bubble got us into this financial mess; house values are sinking and every single economic indicator points logically to the fact that they will continue to sink; people are losing their jobs and yet most are still living without any emergency savings accounts setup, even many who are considering buying houses and taking on a huge debt. These are facts, not stories.
Quote:
truth is, houses are still selling, and articles like that one aren't news -- they simply cater to the lowest common denominator these days, fear.
Yes, a few houses are selling, no one is denying that. But inventory is at record highs which illustrates the fact that there are few buyers out there relative to sellers. And with each house sold and each month that goes by, prices continue to sink.
The truth is, 20% down payment and spending no more than 3x - 4x gross annual income for a house price have been longstanding financial rules of thumb that this country used to follow before we got into this mess. And that's where we need to get back to before we can turn this economic mess around.
Well unless you are in dire straits people just need to bite the bullet and hold on Another child....well a mere two decades ago it wasn't uncommon for siblings to share a bedroomImagine that!!
Divorce..well that one chick..how many bedrooms 6??? Unless ex hubbie was/is abusive bite the bullet and both remain in the house..it's big enough
Not kid friendly with the steep slope....fence in an area for the kiddies it can always be taken down later on
There are temporary solutions for each problem outlined in that article
The days of I want it all and I want it now are forever over
EXACTLY! Also, there's more to the story with that Montville guy. You don't risk losing over $200K because your house isn't "kid friendly". He sells investment properties, he's probaby hurting and using the "non friendly kid house" as a excuse.
Houses are selling for less and less each month. Not sure that is something to claim as a good thing. This sucks for buyers and sellers. Someone is going to get stuck with taking the monetary hit of the declining house and both sides want the other person to take it. Sadly for sellers, they are the ones forced to take it (or the banks if the foreclose,etc...) if they can't appease the buyers to some degree.
Just want this downward spirial of bad news to end. Sick of it. And we all know that it won't be in 2009 where we see any major positive news.
Now is the time to buy. Interest rate is low and you will be bailed out by all other responsible tax payers. When you know you will be saved by others why not jump into fire !!!!!!!!!!!!!!!!!!!
you give some viable advice when you say things like "you have to be absolutely financially stable before you take on the debt and the risk ", and "buyer beware", but it's plain to see you have an axe to grind.
there are 3 sides to every story : "your" side, "my" side, and the truth.
truth is, houses are still selling, and articles like that one aren't news -- they simply cater to the lowest common denominator these days, fear...
dude, with all due respect, you're the kind of guy who got us into this housing bubble in the first place. all these graphs show how high the bubble went the last several years, and you think it should continue to go higher.
Now is the time to buy. Interest rate is low and you will be bailed out by all other responsible tax payers. When you know you will be saved by others why not jump into fire !!!!!!!!!!!!!!!!!!!
for some reason, i haven't seen any of those people being foreclosed or struggling to meet the mortgage jumping for joy
that being said, i am looking to buy, but i'm in no hurry and i will lowball like crazy :-)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
